Occidental Petroleum Posts Wider-than-expected Loss; Ups Production Growth View

(RTTNews) - Occidental Petroleum Corp.(OXY) reported Thursday that its first-quarter income was $78 million or $0.10 per share, compared to loss of $218 million or $0.28 per share last year.

Core results for the first quarter of 2016 were a loss of $426 million or $0.56 per share, compared to profit of $31 million or $0.04 per share a year ago.

On average, 23 analysts polled by Thomson Reuters expected loss of $0.40 per share for the quarter. Analysts' estimates typically exclude special items.

Total oil and gas results reflected a loss of $388 million, compared to loss of $22 million last year.

Total net sales declined to $2.28 billion from last year's $3.10 billion. Analysts were looking for revenues of $2.35 billion.

Looking ahead, for fiscal 2016, the company production growth outlook increased to 4 to 6 percent with the same capital budget of $3.0 billion.

Previously, production growth was expected to be 2 to 4 percent from ongoing operations.